To estimate **Net Debt / EBITDA** for 2022 using an S&P-style approach:

1. **EBITDA proxy**  
   The annual report provides **Gross Profit / Margine Operativo Lordo**, which corresponds to EBITDA-like operating margin:
   - 2022 EBITDA = **€1,305,021,000**

2. **Debt components**
   Use financial liabilities as debt:
   - Other noncurrent financial liabilities = **€4,722,263,000**
   - Other current financial liabilities = **€619,418,000**

   Total reported financial debt:
   \[
   4,722,263,000 + 619,418,000 = 5,341,681,000
   \]

3. **S&P lease adjustment**
   S&P generally treats operating leases as debt-like. The balance sheet provides right-of-use assets:
   - Right-of-use assets = **€90,397,000**

   As a practical approximation, add right-of-use assets as lease debt:
   \[
   5,341,681,000 + 90,397,000 = 5,432,078,000
   \]

4. **Cash deduction**
   Deduct cash and cash equivalents:
   - Cash and cash equivalents = **€559,908,000**

   Net debt:
   \[
   5,432,078,000 - 559,908,000 = 4,872,170,000
   \]

5. **Net Debt / EBITDA**
   \[
   \frac{4,872,170,000}{1,305,021,000} = 3.7338
   \]

Rounded to two decimals, the estimated ratio is **3.73**.

<answer>3.73</answer>